Jefferson City’s sales taxes were close to the mark this month, with only one category falling below projections.
At the Finance Committee meeting Thursday, Finance Director Margie Mueller presented the April sales tax receipts.
April sales tax receipts, which reflect the February reporting period, show the city’s 1 percent general sales tax came in $5,689 below projections but is still $312,553 above projections for the year.
The half-cent capital improvement sales tax came in $863 above projections and is now $167,861 above projections for the year.
The half-cent parks sales tax came in $946 above projections and is now $168,647 above projections for the year.
Sales tax projections are based on actual receipts averaged over the last two years.
The city’s revenue forecast model is projecting a year-end surplus of roughly $1 million, though that number likely will fluctuate throughout the year as more data become available.
The city’s franchise and utility tax revenue is projected to be down by about $207,000, primarily because of the mild winter. Mueller said it’s unlikely that amount can be made up without an unusually hot summer.
In this year’s budget, the City Council approved a utility tax rate increase from 5.65 percent to 6 percent, which was estimated to raise $294,000 in new revenue to be used to address the city’s vehicle replacement and maintenance needs. With the shortfall in the projections of the franchise and utility taxes, Mueller said that increase likely will allow the city to simply break even on projections in that category.
All of the financial documents from April are available online at jeffersoncitymo.gov/government/financial_reports.php.